There's a good movie *somewhere* in The Hobbit -- but it's clear that nothing hit the editing room floor. If there was a scene where Bilbo picked out socks in the book, it became a 20-minute montage-with-song in the movie.
But! That being said...I've already seen it six times. And will watch it umpteen more times. They've got my money...rest assured. And in a lot of ways, the Lord of the Rings was so note-perfect, that Jackson can kinda do whatever he'd like with The Hobbit. He's earned it, in my book.
For my fellow Tolkien fans, here's some of my favorite past "Rings" strips....
The "new" Tolkien books, part 1
The "new" Tolkien books, part 2
The "new" Tolkien books, part 3
What it takes to be a fantasy novelist
Fantasy Authors, cont'd
The Balrog's motivation
Throw It In, Mr. Frodo!
The Battle of Minas Tirith (read forward from here)